Electrolux Group has said that sustainability remains a ‘cornerstone’ of its operations, as the Swedish home appliance giant reaffirmed its sustainability targets at a capital markets event in Stockholm.
Electrolux is aiming to reduce Scope 1 and 2 emissions by 85% and Scope 3 emissions by 42% by 2030 compared with 2021 levels, goals that align with its science-based targets and the company’s ‘ambition to lead the industry in climate action and circularity’, it said in a statement.
As of the end of September this year, it had achieved a 42% reduction in Scope 1 and 2 emissions, against a 2021 baseline, meeting the criteria set by the Science Based Targets initiative (SBTi) as well as Paris Agreement targets.
Business strategy
Electrolux Group also announced an updated business strategy, identifying its main levers for growth as strengthening its core brands, focusing on key markets, and expanding in its main channels and product categories. As of 1 January, the company is implementing a series of organisational changes, including the introduction of a commercially focused Region Asia-Pacific.
Other announcements at the capital markets event include that Electrolux is targeting at least 4% organic sales growth over its current business cycle, as well as an operating margin of 6%.
‘Renewed strategy’
“Our renewed strategy is adapted to today’s competitive landscape,” commented Yannick Fierling, president and CEO, Electrolux Group. “By being increasingly consumer centric, Electrolux Group will be able to adapt quickly, seize new opportunities, and drive meaningful innovation. We are committed to achieving our financial targets through the renewed strategy and focused execution.
“Our vision is to be the home appliance industry leader in consumer satisfaction, by delivering outstanding lifetime experiences through solutions that always get better”.
A recent study by Electrolux found that consumers are increasingly turning to faster washing and drying cycles – which it terms ‘speed laundering’ – to reduce their household bills. Read more here.
